Young buyers snap up homes opposite each other near South Geelong train station
YOUNG buyers remain in the hunt for real estate as two sales near South Geelong train station underscored on Saturday.
The homes nearly opposite each other on Swanston St were auctioned on Saturday, attracting crowds of young buyers prepared to brave the cold conditions.
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Buxton agent Ben Riddle said two buyers contested the two-bedroom cottage on a 484sq m block at 170 Swanston St, South Geelong.
Mr Riddle said a young couple seeking an investment property were known before Saturday’s auction, but a young first-home buyer was a surprise entry from Melbourne on the morning.
He said the property sold under the hammer for $575,000 to the investors, who were keen on the bigger land component at number 170, though the house was in a poorer condition.
In the afternoon, McGrath, Geelong agents Ricky Forte and Will Ainsworth conducted the auction in the renovated kitchen, lounge and dining room at 163 Swanston St.
Mr Ainsworth opened the auction with a $540,000 vendor bid before a first-home buyer offered $550,000 for the property, which had been listed with a quoted price range of $550,000 to $600,000.
Without any further bidding, he passed in the home, which sat on a 312sq m block near the level crossing.
Negotiations after auction pushed the price to $573,000, Mr Forte said.
“They want the access to the train station nearby and being walking distance to the waterfront,” he said.
Mr Forte said it was interesting that only $2000 separated the properties in price, though the latter had a smaller land component.
He said the homes were ideal for young buyers, though the sub-$600,000 price bracket had proved tricky for price sensitive buyers.
“One group had been through it three times. They had pre-approval but it lapsed and they had to go back and they could borrow 20 per cent less than they were allowed to 6 months ago,” he said.
“That threw a spanner in the works late, and a couple of other people couldn’t get finance organised.”
But Mr Forte said the fact so many young buyers were active was positive.
“I think it’s a good sign for the market. It’s buoyant, provided they can get finance.”